Federated Hermes Inc. Buys 7,316 Shares of BlackLine, Inc. (NASDAQ:BL)

Federated Hermes Inc. increased its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,370 shares of the technology company's stock after purchasing an additional 7,316 shares during the quarter. Federated Hermes Inc. owned approximately 0.11% of BlackLine worth $4,336,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after acquiring an additional 34,919 shares during the period. JPMorgan Chase & Co. grew its stake in shares of BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after buying an additional 435,271 shares during the period. Conestoga Capital Advisors LLC increased its position in BlackLine by 20.2% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock valued at $128,439,000 after buying an additional 354,784 shares in the last quarter. Pacer Advisors Inc. raised its stake in BlackLine by 154.1% during the 4th quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock worth $253,000 after buying an additional 2,522 shares during the period. Finally, Sei Investments Co. grew its stake in BlackLine by 6.2% in the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock valued at $8,955,000 after acquiring an additional 8,558 shares during the period. 95.13% of the stock is owned by institutional investors.

Remove Ads

BlackLine Trading Down 0.4 %

NASDAQ BL traded down $0.18 during trading on Thursday, hitting $44.44. 412,256 shares of the company's stock traded hands, compared to its average volume of 807,976. The stock has a fifty day moving average of $48.91 and a two-hundred day moving average of $56.18. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The firm has a market cap of $2.80 billion, a P/E ratio of 30.65, a PEG ratio of 10.80 and a beta of 0.97. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL - Get Free Report) last issued its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, sell-side analysts expect that BlackLine, Inc. will post 0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. The Goldman Sachs Group decreased their price objective on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday. DA Davidson cut their target price on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday. Bank of America upgraded BlackLine from an "underperform" rating to a "buy" rating and upped their price target for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Finally, Piper Sandler dropped their price objective on BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a research note on Wednesday, February 12th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $61.00.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares of the company's stock, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.93% of the stock is owned by insiders.

BlackLine Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.